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Hedera Hashgraph
Basics * Comes from the US Air Force University * Has been launched (18-9-2019) * "Hedera Hashgraph has officially launched its public network after testing with a small group of clients since Dec. 2018; with the network live investors in the project, which raised $124M in a token sale, will start to receive their HBAR tokens; according to CoinDesk, twelve cryptocurrency exchanges and over-the-counter (OTC) desks plan to list HBAR for trading: AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit, and xFutures" Tech * The Hedera hashgraph platform will initially support smart contracts written in the Solidity language. * “Hashgraph is the first asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm that results in fair ordering, fast finality, and secure propagation. The Hedera hashgraph platform uses a new kind of consensus mechanism, based on gossip about gossip and virtual voting.” * “The Hedera hashgraph network will have a native cryptocurrency, which is a utility token that grants token holders access to distributed applications on the platform. The token may also be “staked” and used to run a node (for example, adding CPU to the Hedera public network), thereby providing the network security within the public ledger.” Governance * Will have a governing body called the Hedera Hashgraph Council. As their own website says: “The council will consist of up to 39 leading organizations and enterprises in their respective fields, with membership designed to reflect a range of industries and geographies, to have highly respected brands and trusted market positions, and to encourage a wide variety of perspectives. The Governing Members will elect the Governing Board and also contribute expertise through subcommittee membership.” * The Hedera foundation selects the first 39 companies globally, some in competing industries to reduce collusion. 3 year terms, 2 consecutive terms max. Council selects future members. * The governance structure of Hedera (which will make all the decisions about hashgraph) is just a 39 person board. Each spot is occupied by a representative of a big (multi-billion dollar) company. All decisions go through them. This company will own 60% (!) of the supply for the foreseeable future. All dapps and companies that run on hashgraph will have to pay Hedera directly to use the chain. This makes hashgraph very much a permissioned chain, since just running a dapp on them requires not just permission, but also payment to the for-profit company. the chain will also have a PoS component, and the corporate council will own 60% of the supply, meaning that by definition the chain is compromised from the start, since the security of any PoS chain relies on no one entity controlling the majority of supply to be staked. * Hedera Hashgraph Council plays the role of rule-maker, indirectly sets the rules, fees, and approve new software updates via Governing Board which is elected by HH Council, and the community just plays the role of rule-enforcer, running nodes to verify transactions and apply only the rules of the software written and approved by the Governing Board. Hedera Hashgraph Council is a for-profit LLC * Hashgraph is patented by a company called Swirlds. Swirlds gets 10% of all profits from Hedera, a for-profit company that will manage hashgraph. The patents are to prevent hard forks - it is literally illegal to hard fork hashgraph unless you own the patent. * “The Swirlds platform is the official implementation of the hashgraph algorithm. It is maintained and licensed by Swirlds Inc. The Swirlds platform is included in the Swirlds SDK along with a number of example applications.” Usage * From CoinSpice (26-12-2019): "Hedera Hashgraph, the company behind the supposed breakthrough technology capable of beating blockchain in scaling, is having price issues with their HBAR token which has declined 90% since September. The company is proposing token investors delay the unlocking of their coins to the market in exchange for token rewards over time. Mance Harmon, CEO of Hedera, declared: “The rate of adoption and demand for tokens to use on the network has not been what we originally expected.”" * Interestingly enough, one of the first media news mentions (7-2-2020) of Hashgraph being used was connected with the Coronavirus. "Acoer, a company using open source and blockchain-based applications for healthcare purposes, designed a pilot application for tracking the evolution of the Coronavirus disease all over the world. Jim Nasr, CEO of Acoe, reinforced the importance of data-driven solutions as a tool to visualize the evolution of the disease. The solution uses Hedera Hashgraph DLT to record each contagion and death as relayed from epidemiologists, so other epidemiologists can trust the information is legit." Team, etc. * Cohen, David A.; part of the team * Mance Harmon, CEO * So far, Satori, Machine Zone, Intiva Health, CULedger and Artbit have said they would use the platform. Category:Coins/Tokens